The Northern Star Resources Ltd (ASX: NST) share price is trading 4.6% higher at $8.56 today, despite no news from the gold miner.
That compares very favourably with the S&P/ASX 200 Index (ASX: XJO), which is currently down 2.3%.
Meanwhile, gold has lunged back to a key support level and is now trading at US$1,846 per troy ounce, still up 4.73% for the last 12 months.
The ASX 200 share has tracked gold closely over the past five days, as seen below.
What's up with Northern Star share price?
Investors have pushed the Northern Star share price off a three-month low of $7.98 on 15 June. Today's gain is a continuation of that short-term trend.
Both the S&P/ASX 200 Materials Index (ASX: XMJ) and the S&P/ASX 300 Metals & Mining Index (ASX: XMM) have slipped lower today, each almost 3% in the red on last check.
Gold has also spiked from its three-month low, having jumped more than 2% in the last two days.
Despite sliding from highs of US$2,052 per troy ounce on 8 March, it is one of the only asset classes to remain above water in 2022, on a 12-month basis.
It has traded sideways these past two months, and we'll have to wait and see where it heads next.
Aussie gold shares also got a markup after bullish notes on the sector from analysts at UBS and Macquarie, The Australian reports.
Zooming out, it's been less impressive for the Northern Star share price, which has cycled downwards by 10% over the past last six months.
Should today's upward trend continue, it could break out above a key resistance level and signal a reversal of the downtrend. There are many variables currently at play, however, and forecasting share price moves is a fruitless exercise.
In the last 12 months, the Northern Star share price has slipped more than 16% into the red. It is also down 10% this year to date.
